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The Enforcement Directorate (ED) has attached a commercial plot valued at around INR 108 crore belonging to Vatika Limited as part of an ongoing money-laundering investigation linked to investor complaints. The case began after several FIRs were filed in 2021 with the Delhi Police's Economic Offences Wing, accusing the company and its promoters of misleading investors and failing to complete multiple projects. About 659 investors are reported to have invested nearly INR 248 crore in four projects that remain incomplete without conveyance deeds. The ED had earlier attached assets worth INR 68.59 crore in the same matter.
The Enforcement Directorate has attached a 1.35-acre commercial property in Gurugram valued at about INR 108 crore as part of its ongoing investigation into alleged investor fraud by Vatika Limited. The action was taken under the Prevention of Money Laundering Act (PMLA) after the agency reviewed financial trails linked to the company and its group entities. Advertisement
The case has been active since several FIRs were filed with the Delhi Police's Economic Offences Wing in 2021. These FIRs named Vatika Limited and its promoters, Anil Bhalla and Gautam Bhalla, for offences including cheating, criminal breach of trust and conspiracy. According to officials, around 659 investors collectively invested close to INR 248 crore across four projects that were marketed by the company.
The projects include Vatika Inext City Centre Towers D, E and F in Gurugram; Vatika Mindscapes Tower-C in Faridabad; Vatika Towers Tower-C in Gurugram; and Vatika High Street (V Lante) in Gurugram. Investigators noted that many of these developments remain incomplete, and conveyance deeds have not been issued to the buyers. This has been a key concern raised by the complainants since payment schedules were followed but project timelines were not met.
Before this latest action, the ED had already attached assets worth around INR 68.59 crore in connection with the same case. A prosecution complaint has been filed in a special PMLA court in Gurugram against the company, its promoters and associated group companies. The agency is continuing to trace additional assets and financial links to determine the extent of the alleged diversion of investor funds.
Source PTI
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